ST中华Ｂ2003年半年度报告（英文版）(3)

Company held by Hong Kong (Link) Bicycle Limited were pledged and frozen.

Note: Among the top ten shareholders, Guangdong Sunrise Holdings Co., Ltd. and

Shenzhen International Trust & Investment Co., Ltd. are holding subsidiary

companies of Shenzhen Investment Holding Corporation. Hong Kong Zhuorun

Technology Co., Ltd. is subsidiary company indirectly controlled by Shenzhen

Investment Holding Corporation. Except for that, there exists no associated

relationship among the top ten shareholders.

(III) In the report period, the Company’s holding shareholder and actual controller

remained unchanged.

IV. Particulars about Directors, Supervisors and Senior Executives

I. In the report period, the Company’s shares held by directors, supervisors and senior

executives of the Company remained unchanged.

II. In the report period, the Company did not engaged or dismissed the Company’s

directors, supervisors and senior executives.

Section V. Discussion and Analysis of the Management

I. Comparison of the financial indexes in the report period compared with that of the

same period of the last year:

1. Operating results:

Financial indexes Amount (RMB)Proportion of increase and

decrease

Jan.-June 2003 Jan.-June 2002

Income from core business 40,065,561.69 23,021,643.61 74.03% Profit of core business 2,652,923.53 -4,183,110.85 163.42% Net profit 1,324,879.19 -29,649,602.79 104.47%

-562,450.52 2,655,948.31 -121.18% Net increase in cash and cash

equivalents

Note 1. Income from core business increased by 74.03% compared with that of the

same period of last year, which was mainly because that the Company enlarged the

market development in the report period and the sale of electric vehicles increased by

a big margin.

Note 2. Profit of core business increased by 163.42% compared with that of the same

period of last year with the main reasons as the above.

Note 3. Net profit increased by 104.47% compared with that of the same period of last

year, which was main because that the settlement of properties of “Zhonghua 2nd

Stage”accrued earnings for the Company in the report period except for the increase

of sale of electric vehicles with comparatively high gross profit.

ST中华Ｂ2003年半年度报告（英文版）

Note 4. Net increase in cash and cash equivalents as of the period decreased by 121.18% compared with that of the same period of last year, which was mainly because that in the report period the Company paid the salaries and insurance premium owed in the previous years.

2. Financial position:

Items Amount (RMB)Proportion of increase

and decrease

Jan.-June 30, 2003 Jan.-Dec. 31, 2002

Current assets 143,478,152.18 144,169,626.23 -0.48& Total assets 474,370,296.58 512,976,884.80 -7.53% Current liabilities 1,199,891,677.19 1,189,267,119.11 0.22% Shareholders’equity -1,981,689,840.84 -1,982,892,317.80 -0.06

Explanation: In the report period the Company’s assets structure and proportion experienced no material change.

II. Analysis to the operating situation in the report period:

1. Scope of core business and operating status (Unit: RMB’0000):

Income from core business

Cost of

core

business

Gross

profit

ratio (%)

Increase/decrease

of income from

core business

than that of the

same period of

last year (%)

Increase/decrease

of cost of core

business than

that of the same

period of last

year (%)

Increase/decrease

of gross profit

ratio than that of

the same period

of last year (%)

Manufacture industry 3,848.06 3,622.78 5.85 78.90 38.77 Incomparable Service industry 158.50 109.94 30.64 4.78 7.99 -9.09 Under the lead of the Board of Directors, the Management of the Company made

decisive decisions in the first half of year 2003, implemented material reform to the

managerial mechanism and realized the integrated management of production, supply

and sale of bicycle through establishing the bicycle division in the aspect of core

business. The Company enhanced the market competitive capability of the Company

successfully through the measures of reducing t he management chains, transferring

the management emphasis to the lower layer and integrating the resources etc. and

kept a good trend of development of core business. In Jan.-June 2003, the Company

realized income from core business amounting to RMB 40,065,600, an increase of

74.03% compared with the same period of last year, profit of core business amounting

to RMB 2,652,900 and net profit amounting to RMB 1,324,900.

2. Explanation on material change of profit structure, core business and its structure

and profitability of core business in the report period:

Income from core business

Cost of

core

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